E&Y Settles With PNC For $9M

Law360, New York (April 13, 2007, 12:00 AM EDT) -- Big Four accounting firm Ernst & Young will pay PNC Financial Services and its investors $9 million to settle a long-running lawsuit over alleged accounting fraud.

A judge in the U.S. District Court for the Western District of Pennsylvania approved the settlement Thursday, marking the end to litigation that, since it began in 2001, has garnered over $200 million for PNC investors.

“We believe that this is a reasonable resolution relating to events that occurred approximately five years ago,” E&Y said in a statement. “It puts...